Recent arguments against electoral bonds by the Election Commission of India (ECI):
- Electoral bonds hit transparency in funding of political parties. Coupled with the removal of cap on foreign funding, they invite foreign corporate powers to interfere in Indian politics.
- The ECI also criticized amendments made to the Representation of the People (RP) Act of 1951, the Income Tax Act and the Companies Act and Foreign Contribution (Regulation) Act of 2010 through the two consecutive Finance Acts of 2016 and 2017.
- It said these amendments would pump in black money for political funding through shell companies and allow “unchecked foreign funding of political parties in India which could lead to Indian politics being influenced by foreign companies.”
